The Petroleum Daily Report from PFL Petroleum Services LLC provides daily settlement prices for key petroleum commodities, including crude oil (Brent and WTI), natural gas, RBOB gasoline, ULSD, propane, and butane. Each report includes expert market commentary highlighting the key factors and events influencing commodity prices.
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Oil prices were higher again today, rising to three months as tighter supplies and bullish trends from China lifted sentiment. Contracts remain in backwardation. “The market is getting more concerned about the trend of tightening oil supplies, and it’s becoming more obvious to the naysayers that the expected drop-off in demand isn’t happening,” Price Futures […]
Oil prices were higher today, climbing about 2% to almost three month highs. Both contracts had their highest close since mid April and are in technically overbought territory. Bob Yawger, director of energy futures at Mizuho Bank, said a move above the 200-day moving average “generally stops out the speculative shorts and attracts traders looking […]
Oil futures for Brent rose $1.43 and WTI rose $1.42 on Friday, with Brent crude settling at $81.07 per barrel and WTI crude settling at $77.07 per barrel, its highest level since April 25. The price surge was supported by indications of tightening oil supplies in the latter half of 2023 and escalating tensions between […]
On Thursday, oil prices settled slightly higher due to factors such as lower U.S. crude inventories and strong crude imports by China. West Texas Intermediate (WTI) crude gained 28 cents, or 0.4%, to settle at $75.63 a barrel. Brent oil closed 24 cents higher to finish out the day at $79.70, a gain of 0.3%. […]
Oil futures reversed course and closed lower despite early gains on Wednesday after official U.S. data provided by The Energy Information Administration (EIA) showed that domestic commercial crude supplies fell significantly less than the market expected last week. Brent futures took a slight hit, sliding by 17 cents to reach $79.46 per barrel while U.S. […]
Oil prices regained most of yesterday’s losses amidst a pledge from the Chinese government to bolster consumption and recent U.S. data that suggests inflation has begun to consistently decelerate. Brent futures settled at $79.63/barrel, up 1.4%, and WTI crude closed at $75.75, up 2.2%. Brent’s premium over WTI fell to its lowest since May. The […]
Oil prices fell over 1.5% due to Chinese economic growth data coming in below expectations, raising concerns about oil demand and the Chinese economy as a whole. As doubts emerged about inflated demand, the pace of hedge fund buying slowed down. Brent crude settled at $78.50/barrel, down 1.7%, and U.S. West Texas Intermediate crude closed […]
Oil prices experienced a decline of more than a dollar per barrel on Friday due to a strengthening dollar and profit-taking by traders following a strong rally. Brent crude futures settled at $79.87 per barrel, down 1.8%, while U.S. West Texas Intermediate crude futures fell 1.9% to $75.42 a barrel. The strengthening of the U.S. […]
Oil prices jumped over 1% on Thursday, hitting their highest level in almost three months. This surge came after U.S. inflation data hinted that interest rates were nearing their peak. Brent crude futures soared by $1.25 to settle at $81.36 per barrel, the highest since April 25. Similarly, U.S. West Texas Intermediate crude futures climbed […]
Today, oil prices settled higher as Brent futures surpassed the $80 per barrel threshold for the first time since May. Brent settled higher by 71 cents, or 0.9%, reaching $80.11 per barrel, while U.S. West Texas Intermediate (WTI) crude settled with a gain of 92 cents, or 1.2%, at $75.75 per barrel. The surge in […]